Coins that have been reviewed and stickered by Certified Acceptance Corporation (CAC) consistently bring premiums over other “non-stickered” coins in the marketplace. Below are some examples from recent actions sales on April 2018 one may use for a refference.

Here are 10 examples among many that could be listed:

GreatCollections sold a CAC-approved MS-67 1902 quarter for $18,562.62, on April 8. The only recent auction record for another certified MS-67 1902 quarter is the sale of the Gene Gardner coin, without a CAC sticker, in May 2015 for $7,637.50.

Also on April 8, GreatCollections sold a CAC-approved MS-65 1912 $20 gold coin for $39,150. On April 24, Heritage auctioned a certified MS-65 1912, without a CAC sticker, for less than half as much, $18,000. Earlier, in January 2017, Heritage auctioned another certified MS-65 1912, without a sticker, for $21,150.

At the Central States Convention in Illinois, on April 25, Heritage auctioned a CAC-approved MS-65 1837, No Stars, Small Date half dime for $3,000. In January 2018, at the FUN Convention in Tampa, Heritage auctioned a certified MS-65 1837 half dime of this same variety, without a CAC sticker, for $1,800. A year earlier at the FUN Convention in January 2017, another certified MS-65 half dime of this variety, without a CAC sticker, brought $2,585.

In the Heritage auction at the Central States Convention, a CAC-approved MS-66 1854 half dollar realized $31,200 on April 26, 2018. On August 11, 2016, a different major auction firm sold a certified MS-66 1854 half dollar, without a CAC sticker, for $13,512.50. On August 13, 2011, another certified, but not CAC approved, MS-66 1854 half dollar brought $17,825 at auction.

At the Central States Convention, also on April 26, Heritage auctioned a CAC-approved MS-63 1901 silver dollar for $16,800. On March 11, 2018, GreatCollections sold a certified MS-63 1901, without a CAC sticker, for $12,947.25. Early in 2017, two different auction firms each sold a non-CAC, certified MS-63 1901 for $10,575. Another CAC-approved MS-63 1901 was auctioned for $24,675, back in November 2016.

On April 26, within a span of seconds, Heritage auctioned two PCGS-graded MS-67 1924 Peace Dollars. The one with a CAC sticker brought $9,600 and the coin without a sticker realized $6,900!

On April 26, Heritage auctioned a CAC-approved MS-65 1915 $20 gold coin for $33,600. This is not a fluke, as the exact same coin was auctioned in January 2010 for $25,300. In January 2018, Heritage auctioned a certified MS-65 1915 twenty, without a CAC sticker, for $12,600. In the near past, Heritage has auctioned several PCGS graded MS-65, non-CAC, 1915 $20 gold coins: for $14,100 in January 2017, for $16,450 in November 2016 and in August 2016, for $17,625 in August 2016 and in February 2016. So, the CAC coin brought from 43.5% to 167% more than the non-CAC coins.

Also on April 26 at the CSNS event, Heritage auctioned a CAC-approved MS-63 1854 silver dollar for $21,600. In January 2017, Heritage auctioned a non-CAC, certified MS-63 1854 silver dollar for $14,687.50. The CAC coin brought 47% more.

On April 29, GreatCollections sold a CAC-approved, NGC-graded MS-67 1936-D quarter for $3,326.62. In the Long Beach sale during February 2018, Heritage sold a PCGS graded MS-67 1936-D, without a CAC sticker, for $2,600, 27.9% less than the CAC MS-67 1936-D.

On April 29, GreatCollections sold a CAC-approved, NGC-graded MS-67 1959-D quarter for $1,800. In the Long Beach sale during February 2018, Heritage sold a PCGS-graded MS-67 1959-D, without a CAC sticker, for $780, much less than half as much. Back in August 2016, at an ANA Convention, Heritage auctioned a different PCGS-graded MS-67 1959-D, without a CAC sticker, for $881.25, also less than half as much as the CAC 1959-D that just sold for $1,800.

Coins that have been reviewed and stickered by Certified Acceptance Corporation (CAC) consistently bring premiums over other “non-stickered” coins in the marketplace. Below are some examples from recent actions sales on March 2018 one may use for a refference.

Here are 10 examples among many that could be listed:

On March 4, GreatCollections sold a CAC-approved, EF-40 1903-S Morgan silver dollar for $357.75 USD. On March 6, Heritage sold a certified EF-40 1903-S, without a CAC sticker, for $253.20. In January, Heritage sold a certified EF-40 1903-S silver dollar without CAC approval for $312. In October 2017, another major auction firm sold one for $288.

On March 4, an NGC-graded AU-58 1911-S $10 gold coin, with a CAC sticker, realized $3,046.50. On February 23, Heritage auctioned a certified AU-58 1911-S, without a CAC sticker, for $2640.

On March 11, GreatCollections sold a CAC-approved “MS-67” 1914-D dime for $8,493.75. Representative auction results for non-CAC “MS-67” dimes are: $3,290 in March 2016 in Baltimore; $4,700 in March 2015; $5,462.50 in January 2012; $3,335 in September 2010 at the Long Beach Expo; $2,300 in February 2010; and $2,760 in July 2009. The same CAC 1914-D that GreatCollections just sold was auctioned in December 2014 for $8,518.75. A different CAC MS-67 1914-D was auctioned for $6,900 in April 2011. Clearly, CAC MS-67 1914-D dimes have been bringing much more than non-CAC MS-67 1914-D dimes.

On March 11, GreatCollections sold a CAC-approved “MS-65” 1928 Hawaiian commemorative half dollar for $3,543.75. Heritage recently auctioned two certified “MS-65” 1928 Hawaiian halves, each without a CAC sticker, for $2,880 on February 23 and for $2,640 on March 31.

On March 18, GreatCollections sold a CAC-approved, ‘MS-67 Red’ 1947 Lincoln cent for $6,469.88. Four days later, Stack’s-Bowers auctioned a certified ‘MS-67 Red’ 1947 in a major collection, but without a CAC sticker, for $1,440. In November 2017, Heritage sold a certified ‘MS-67 Red’ 1947 Lincoln for $1,080.

On March 22, Stack’s-Bowers auctioned a CAC-approved ‘MS-67 Red’ 1927 Lincoln cent for $5,280. About a month earlier, Heritage auctioned a 1927 Lincoln cent with the same certification but without a CAC sticker for $1,440. In November 2017, Heritage auctioned another with this same certification, also without a CAC sticker, for $1,020.

On March 22, Stack’s-Bowers auctioned a CAC-approved ‘MS-66 Red’ 1930-S Lincoln cent for $1,320. So far this year, Heritage has sold two certified ‘MS-66 Red’ 1930-S Lincoln cents, without CAC stickers, for $360 in February and for $528 in January. In October 2017, GreatCollections sold a ‘MS-66 Red’ 1930-S, without a CAC sticker, for $596.25.

On March 22, Stack’s-Bowers auctioned a CAC-approved MS-64 1925-D $20 gold coin for $31,200. Heritage auctioned a non-CAC MS-64 1925-D for $12,512.50 in April 2017 and another for $14,100 in January 2017.

On March 22, Stack’s-Bowers auctioned a CAC-approved MS-64 1850-O half dollar for $7,800. Since coin markets peaked in the middle of 2008, there have been more than a half-dozen auction appearances of non-CAC 1850-O halves that are certified as MS-64 or “MS-64+” and not one of them sold for as much as $3550.

On March 22, Stack’s-Bowers auctioned a CAC-approved MS-64 1889 half dollar for $2,640. A month earlier, Heritage auctioned a certified MS-64 1889 half, without a CAC sticker, for $1500.

Here are 10 examples of CAC (Certified Acceptance Corporation) approved coins that have drawn premiums recently, from among many that could be listed (prices cited include buyer’s premium):

1. In the Goldbergs sale in Los Angeles shortly before the winter Long Beach Expo, a CAC MS-65 1900 Lafayette commemorative silver dollar brought $5,581 USD. At the FUN Convention in January 2018, two other certified MS-65 1900 Lafayette dollars, without CAC stickers, were auctioned for $3,360 and $2,880, respectively.

2. The Goldbergs auctioned a CAC Proof-65 1883 half dollar for $3,819. On September 5, 2017, Bonhams auctioned a certified Proof-65 1883, without a CAC sticker, for $1,521. In June 2017, Stack’s-Bowers auctioned another non-CAC Proof-65 1883 half dollar, which realized $2,350.

3. A CAC Proof-67 1907 quarter realized $3,525 in this Goldberg’s auction. This same coin was auctioned by Stack’s-Bowers for $4,935 in March 2017. In November 2017, Stack’s-Bowers auctioned a certified Proof-67 quarter without a CAC sticker, for $2,400.

4. The Goldbergs auctioned a CAC MS-67 Vancouver 1925 commemorative half dollar for $3,055. Another major auction firm recently auctioned two other certified MS-67 Vancouver 1925 halves, both without CAC approval: one in December for $2,040 and another in November 2017 for $2,640.

5. The Goldbergs auctioned a CAC EF-45 1861-S $20 gold coin for $2,703. At the ANA Convention in August 2017, a certified EF-45 1861-S, without a CAC sticker, went for $1,762.50.

6. The Goldbergs auctioned three certified MS-64 1927-S Peace silver dollars in their February auction. One of the three had a CAC sticker and it brought $1,175. The other two went for $588 and $499, respectively.

7. Well-circulated coins with CAC stickers brought premiums, too. A CAC Very Fine-35 1895-S silver dollar was auctioned by the Goldbergs for $940. Another auction firm auctioned two non-CAC, certified VF-35 1895-S Morgans, one for $630 in September and the other for $576 in December.

8. On February 25, GreatCollections sold a CAC-approved MS-65 1901-S silver dollar for $4,708.12. The same firm sold a non-CAC certified MS-65 1901-S earlier the same month, on February 4, for $1,913.62 and another without a sticker less than two weeks later, on March 4, for $1,867.50.

9. On February 25, GreatCollections sold a CAC AU-58 1882-CC $20 gold coin for $9,562.50. During the same week, Heritage auctioned an AU-58 1882-CC, without a CAC sticker, for $7,800.

10. At the Long Beach Expo in February, Heritage auctioned a CAC approved MS-64 1875-CC half dollar for $7,440, a result that is more than twice as much as any non-CAC MS-64 1875-CC half has realized at auction since CAC was founded in 2007. Fifty “MS-64” 1875-CC halves have been certified by the leading grading services, 10 of which have been CAC approved.

At the official auction of the FUN Convention by Heritage in early January at the Tampa Convention Center, CAC-approved coins brought substantial premiums over coins of same date, type and certified grade sold then or in the near past.

Here are 10 examples among many that could be listed:

1. A CAC MS-66 1942/1 overdate Mercury dime brought $120,000. Two years earlier, the same auction firm sold a 1942/1 overdate with the same MS-66 grade, without a CAC sticker, for $76,375.

2. A CAC VF-30 1797 half dollar realized $96,000. In November 2016, another 1797 half dollar that was also graded VF-30, without a CAC sticker, was auctioned by Stacks-Bowers’s for $64,625. Earlier, in August 2016, Heritage auctioned still another certified VF-30 1797 half, though without a CAC sticker, for $58,892.18.

3. There were two MS-65 1911-D Indian Head $2.50 gold coins in this FUN auction. The CAC-approved coin brought $78,000, while the 1911-D without a CAC sticker realized $43,200.

4. A CAC MS-64 1930-S $10 gold coin brought $69,000. Other MS-64 1930-S Eagles auctioned by the same firm, though without CAC approval, brought $61,689.85 in January 2017 and $64,625 in January 2014 when market prices were higher at that time.

5. A CAC MS-61 1805 $2.50 gold coin brought $33,600, 30.58% more than a non-CAC MS-61 1805 $2.50 gold coin, without a sticker, sold by the same auction firm in July 2016, $23,325.

6. A CAC MS-66 1920 Walking Liberty half dollar brought $28,800. In October 2016, the same auction company sold another that received the same grade, but did not have a CAC sticker, for $16,450.

7. There were two MS-65 1921 half dollars in this FUN auction. The one with a CAC sticker realized $21,600 and the 1921 without a sticker realized $16,800.

8. There were MS-67 1933-S half dollars in both the January 2018 and January 2017 FUN auctions. In 2018, a CAC-approved 1933-S brought $20,400. In 2017, a 1933-S without a CAC sticker, which was more colorful, brought $9,987.50, less than half as much.

9. In this FUN auction, there was an NGC-graded MS-65 1906-D $20 gold coin with a CAC sticker and a PCGS-graded MS-65 1906-D $20 gold coin without a sticker. The CAC-NGC coin realized $15,600, while the (no CAC sticker) PCGS coin realized $12,600.

10. A CAC-approved MS-63 1875-S $20 gold coin brought $14,400 in this auction. In April 2017, the same auction firm sold an 1875-S that received the same MS-63 grade, though did not have a CAC sticker, for $10,575, 26.6% less.

One of our collector members, Ankur Jetley, recently sat down with John Albanese with the hope that he could shed some light on a few numismatic topics. This is the first of nine discussion questions in the series. Keep an eye out for the rest of the responses as we post them.

Question # 1: Adjustment marks: approximately what percentage of coins with them pass CAC? How much is too much?

I purposely waited over sixty days before answering this question. Adjustment marks are quite common on early U.S. coinage. CAC has probably viewed over 500 early coins from this period just in the last sixty days and only two weren’t stickered due to problematic adjustment marks. The first coin, an 1802/1 $5 in MS62, only had a few adjustment marks. They weren’t distracting in terms of their pattern as they were basically parallel. However, they were very deep and would be considered bothersome to even the most seasoned collector. The second coin, a 1795 50C in XF45, had about 10-15 much lighter adjustment marks. The biggest issue with the 1795 50C was the pattern of the adjustment marks, which crisscrossed over Miss Liberty’s profile, almost as though there was a tic-tac-toe board on the obverse. The ‘95 50C was a very easy call to not sticker, though the 02/01 $5 was a borderline call due to the coin being “fresh” and nearly MS63 in technical terms.

Most coins with adjustment marks viewed by CAC are barely even considered potentially problematic and it is rare for adjustment marks to be factored into a decision as to whether they merit a sticker. There are currently four CAC graders and all have at least 30 years of coin grading experience. We’ve all been taught that adjustment marks are “mint made” and are rarely a factor in determining the desirability of early U.S. coinage. I sure hope the current crop of young graders continues this tradition and doesn’t succumb to the pressures of less sophisticated coin marketers.

A few additional points on adjustment marks from Douglas Winter, of Douglas Winter Numismatics:

1. Adjustment marks are far less important on the reverse than on the obverse and less important at the border of a coin than at the center.

2. Adjustment marks are most often seen on coins from the 1790’s and early 1800’s but they are sometimes seen on coins as late as the 1830’s.

3. As you see more and more coins, you will learn that certain issues are prone to adjustment marks, such as 1794 Half Dollars, while others, such as 1807 Quarter Eagles, are not often seen with them.

4. On coins with artificial color or altered surfaces, you will sometimes see this as the result of trying to hide adjustment marks. A “buried” adjustment mark can be a good giveaway for artificial color or enhancement.

5. As a collector, if your first reaction when seeing a coin with adjustment marks is “yuck,” don’t force yourself into buying said coin. Yes, they are mint-made, but everyone reacts differently to them and a coin with heavy lines might be hard to re-sell down the road.

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The $10 Liberty Head Eagle, minted from 1838 to 1907, is one of the longest running series of coins in U.S. mint history. Completing a full set by collecting an example of every date and mint mark is a virtual impossibility in today’s market. 177 coins were minted during this long run (not including major and minor varieties) and there are many rarities within the series. Collecting an example of each of these classic U.S. gold coins by type and mint of origin, however, is surprisingly easy and offers the collector a wide swath of U.S. history in the process.

During the time of their issue, the United States evolved from a primitive wild western era country to a burgeoning modern era world power. Let’s look at mints that produced these coins to put their production into historical perspective.

$10 Liberty Head Eagle, No Motto (1838-1866) Almost Uncirculated

The $10 Liberty Eagle, No Motto, was minted in Philadelphia, New Orleans and San Francisco literally back in the Wild West and horse and buggy days of the United States. These mostly pre-Civil War era coins are between 147 and 175 years old today and pre-date almost every modern convenience we now take for granted.

The Philadelphia Mint opened in 1793 and first struck gold coins in 1795. Its history as the countries premiere mint was well established by the time the $10 Liberty Head Eagle was authorized by congress in 1838. Because of it’s location in the middle of the eastern seaboard and proximity to the leading population centers of New York, Boston, Washington D.C and others, the Philadelphia mint was responsible for the majority of the country’s coinage in pre-Civil War days. It makes sense then that the majority of No Motto $10 Liberty Eagles both by years of issue and total coins minted were struck at the Philadelphia Mint.

In almost uncirculated condition there are 11 years of Philadelphia minted coins that are easily collected. They are 1847, 1849, 1851, 1853, 1854, 1855, 1856, 1857, 1859, 1860 and 1861.

The New Orleans Mint was established in 1838, one of three branch mints to open that year (the other two being the Charlotte Mint in Charlotte,North Carolina and the Dahlonega mint in Dahlonega, Georgia.) The New Orleans Mint first struck $10 Liberty Eagles in 1841 and did so continuously through 1860. The New Orleans Mint closed due to the Civil War. It reopened in 1879 and remained the country’s most southern mint until closing permanently in 1909. The New Orleans Mint still stands today near the banks of the mighty Mississippi River at the north end of the fabled French Quarter. It is now a museum.

Like Charlotte and Dahlonega, the New Orleans Mint was a regional mint, striking coins as needed for currency in the region on a yearly basis. Annual mintages of coins varied from year to year based on economic needs. In almost uncirculated condition there are five years of New Orleans minted coins that are available at relatively modest prices. They are 1843, 1847, 1851, 1853 and 1858.

While privately made gold coins were traded on the west coast of the U.S. in the 1840’s, it wasn’t until after the discovery of gold at Sutter’s Mill in 1849 and the ensuing California gold rush (which brought an onslaught of people from literally around the world seeking to get rich quick in the gold fields) that the U.S. Mint in San Francisco was established in 1854. The abundance of gold and the sudden need for official coins in the region were driving factors in the mints establishment. During this first year the San Francisco Mint struck 123,826 $10 Liberty Head Eagles. This was by far the largest mintage for $10 Eagles at this mint until 1879, when the mint struck 224,000. Most $10 Liberty Head Eagle mintages between 1855 and 1878 were much lower, usually under 15,000 coins. By contrast, mintages for $20 Double Eagles for many of these same years were between 500,000 and 1,000,000 coins, multiples of the $10 Eagle mintages.

There were only 13 years of issue for San Francisco minted No Motto Liberty Head Eagles. Today there are only three years of issue that are available at relatively modest prices; they are 1854, 1856, and 1857.

Liberty Head Eagle, With Motto (1866–1907) Uncirculated Condition

Beginning in 1866 the motto “In God We Trust” was added to all U.S. coins that were large enough to accommodate it. While the $10 Liberty Eagle, With Motto, continued to be minted in Philadelphia, New Orleans and San Francisco, it was also minted in Carson City and Denver, when those mints were established in 1870 and 1906 respectively.

After the discovery of the Comstock Lode near Carson City, Nevada in the late 1860’s, the city’s founding father Abraham Curry successfully lobbied the U.S. government to establish a mint there. The Carson City Mint first struck coins in 1870 and did so until closing just 23 years later in 1893. This mint was a truly regional mint and it only made enough coins to satisfy currency demand in the area, so mintages of Carson City gold coins were unusually low when compared to other mint production rates. Only 1891 had a mintage over 100,000 coins, most other years were under 10,000. Today the 1891 $10 Liberty Eagle is the only modestly priced Carson City $10 gold coin.

Almost every With Motto Liberty Head Eagle minted between 1866 and 1879 is a rarity in modern times with three exceptions from the Philadelphia Mint, which are the 1874, 1878 and 1879 issues. For the remaining years of issue for the series, 1880 – 1907, the coins minted at Philadelphia, San Francisco and to a degree New Orleans, become much more readily available with many affordable choices in uncirculated condition. Collecting a complete set of coins in uncirculated condition from 1890 to 1907, from all five mints that struck coins during these years (P, S, O, CC, and D) is both affordable and doable.

And that brings us to the last mint to strike the Liberty Head Eagle, With Motto, the Denver Mint. Like the areas around the San Francisco and Carson City Mints, gold was discovered in the Denver area in 1858. The ensuing gold rush was dubbed the Pikes Peak gold rush, after the fabled mountain in the vicinity that all could see from far and wide. The gold harvested between 1859 and 1863 was privately minted into coins by Clark, Gruber and Company until the U.S. government bought them out and established an assay office there in 1863. It wasn’t until many years later though, in 1896, that the building that has become the Denver Mint was authorized and finally built. Coining began in February of 1906.

$10 Liberty Head Eagles were only minted in Denver for two years, 1906 and 1907. The Theodore Roosevelt and Augustus Saint-Gaudens inspired Indian Head design change in late 1907 ended the long reign of the Liberty Head gold coinage permanently. Fortunately for collectors, mintages for these two years were relatively high at 981,100 for 1906 and 1,030,000 for 1907. Both of these issues are easily obtained in uncirculated condition today at modest prices. The “D” mint mark is the only mint mark to appear on coins minted at two different mints, the Dahlonega Mint from 1838 to 1861 and Denver Mint from 1906 to 2013.

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